德恒上海律师事务所 关于上海皓元医药股份有限公司 2025 年限制性股票激励计划调整授予价格的 法律意见书 在本《法律意见书》中，除非文义另有所指，下列词语具有下述含义： | 皓元医药/公司 | 指 | 上海皓元医药股份有限公司 | | --- | --- | --- | | 本激励计划/本 | 指 | 上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | 次激励计划 | | | | 本《法律意见书》 | 指 | 《德恒上海律师事务所关于上海皓元医药股份有限公司 | | | | 2025 年限制性股票激励计划调整授予价格的法律意见书》 | | 《激励计划（草 | 指 | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | 案）》 | | （草案）》 | | 《考核办法》 | 指 | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | | | 实施考核管理办法》 | | 限制性股票 | 指 | 第二类限制性股票，即满足归属条件后，按本激励计划约定 | | | | 的归属安排，激励对象获得由公司定向发行的 A 股普通股 | | 本次调整授予价 | 指 | 公司 2025 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-110 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 第四届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 上海皓元医药股份有限公司（以下简称"公司"）于 2025 年 9月 26 日在上海市 浦东新区张衡路 1999 弄 3 号楼公司会议室以现场结合通讯方式召开了第四届董事 会第十二次会议。本次会议的通知于 2025 年 9 月 23 日以专人送达及电子邮件方式 发出。本次会议由公司董事长郑保富先生召集和主持，会议应出席董事 7 名，实际 出席董事 7 名。本次会议的召集和召开符合《中华人民共和国公司法》和《上海皓 元医药股份有限公司章程》的有关规定，会议决议合法、有效。 1.01、 《关于调整 2023 年限制性股票激励计划授予价格的议案》 鉴于公司即将实施 2025 年半年度权益分派，根据《2023 年限制性 ...

Group 1 - The core point of the article is that Haoyuan Pharmaceutical announced a board meeting to discuss adjustments to the restricted stock incentive plan for 2023 and 2025, indicating strategic financial management [1] - The company's revenue composition for 2024 is heavily focused on research and experimental development, accounting for 99.27%, with other businesses making up only 0.73% [1] - As of the report, Haoyuan Pharmaceutical has a market capitalization of 16.8 billion yuan [1] Group 2 - The article highlights a significant growth trend in a new type of insurance product, which has seen a 33-fold increase over five years, attracting interest from over 30 insurance companies [1]

Core Insights - The company reported a negative operating cash flow in the first half of 2025 due to increased investments in market expansion and product inventory, with accounts receivable collections concentrated in the second half [1] - The management is focused on improving financial metrics through cost control, product structure adjustments, and international market development [1] - The company has made significant progress in its ADC (Antibody-Drug Conjugate) business, with over 70 projects undertaken and 14 small molecule products completing FDA sec-DMF filings [2] Financial Performance - The negative operating cash flow is attributed to heightened investments in market development and product inventory [1] - The company is actively managing accounts receivable, resulting in improved turnover rates compared to the previous year [1] - Measures to enhance cash flow management include budget management, process optimization, and financial integration [1] ADC Business Development - The company has established a comprehensive service platform for ADC, covering the entire chain from Payload-Linker development to commercial production [2] - The Chongqing facility has commenced operations and passed EU QP audits, featuring multiple commercial production lines for antibodies and ADCs [2] - The company is actively promoting its Chongqing facility and accelerating project progress to ramp up new production capacity [2]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

近年来，生物医药产业迎来"智能化革命"，AI技术就像为药物研发装上了"望远镜"与"显微镜"，让科研 人员更精准地锁定靶点、设计候选分子。 但对于很多药企而言，AI与研发的融合像"隔着一层窗户纸"——要么缺乏海量高质量数据支撑，要么找 不到技术落地的场景。 对此，上海皓元医药股份有限公司(以下简称"皓元医药")从2021 年开始布局AI与药物研发的结合，如同 "攒拼图" 般，一步步搭建起一站式药物筛选平台，让药物筛选告别 "大海捞针"。 皓元医药董事长兼总经理郑保富向记者表示，上述药物筛选平台积累了海量"弹药库"：公司依托化合物 库资源以及CADD/AIDD技术，打造"一站式药物筛选平台"，整合8万+类药多样性分子、1,800万现货筛 选化合物以及1,000万可定制MegaUni库、千亿DEL库分子等资源，为新药研发客户提供从虚拟到实体的 药物筛选服务，这些数据就像"拼图的基础模块"，为 AI 训练提供了充足养分。 药物筛选平台还打造了"智能引擎"—— 融合生成式 AI 技术，突破传统设计的思维瓶颈，激发前所未有 的分子创新，加速药物研发进程。过去科研人员筛选苗头化合物，要在数万种化合物中逐一测试，就 像"大海 ...

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The collaboration between Maiwei Biotech, Yingsi Intelligent, and Haoyuan Pharmaceutical aims to create a novel ADC (Antibody-Drug Conjugate) compound library covering hundreds of targets, accelerating the industrialization of next-generation ADC drugs, which are considered a promising direction in cancer treatment [5][6] - This partnership highlights a shift in China's pharmaceutical innovation model from a singular "independent R&D" approach to a more collaborative ecosystem that integrates strategic alliances and shared research platforms, which helps mitigate early-stage R&D risks and optimizes resource allocation [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of 5.97% compared to the CSI 300 index, with an absolute return of 42.2% [3] Investment Highlights - The collaboration combines strengths from various fields: Maiwei Biotech's experience in antibody drug development, Yingsi Intelligent's AI technology for target discovery and molecular design, and Haoyuan Pharmaceutical's expertise in high-end chemical raw materials [7] - The ADC drugs are positioned in a rapidly growing global market, with the collaboration aiming to systematically lay out core resources for future ADC drug development [7] - The report suggests monitoring the capital market movements of the collaborating companies, as their progress may act as a catalyst for stock price changes [7] Recommendations - The report recommends focusing on the entire ADC industry chain, including upstream CXO companies with advanced toxin-Linker technology, midstream innovative pharmaceutical companies with leading ADC platforms, and downstream large pharmaceutical companies with strong commercialization capabilities in oncology [7] - Specific companies to watch include Maiwei Biotech, Haoyuan Pharmaceutical, Rongchang Biotech, WuXi AppTec, Kailaiying, Nanfeng Technology, and Dongfulong [7]

Group 1 - The CRO concept stocks experienced significant fluctuations, with JiuZhou Pharmaceutical hitting the daily limit up [1] - ProLogis Pharmaceutical rose over 5%, indicating strong market interest [1] - Other companies such as Zhaoyan New Drug, Kangpeng Technology, Aopu Mai, and Haoyuan Pharmaceutical also saw increases in their stock prices [1]

Market Performance - On September 22, the medical services sector rose by 0.18% compared to the previous trading day, with Haoyuan Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers in Medical Services - Haoyuan Pharmaceutical (688131) closed at 79.32, up 7.49% with a trading volume of 76,500 shares and a transaction value of 592 million [1] - Bid Pharma (688073) closed at 73.78, up 5.52% with a trading volume of 14,500 shares and a transaction value of 104 million [1] - Heyuan Biotechnology (688238) closed at 8.10, up 3.98% with a trading volume of 218,700 shares and a transaction value of 174 million [1] Top Losers in Medical Services - Pulangsi (301257) closed at 49.10, down 4.21% with a trading volume of 43,300 shares and a transaction value of 216 million [2] - Innovative Medical (002173) closed at 21.53, down 4.18% with a trading volume of 612,900 shares and a transaction value of 134 million [2] - ST Zhongzhu (600568) closed at 2.02, down 3.81% with a trading volume of 226,400 shares and a transaction value of 46 million [2] Capital Flow in Medical Services - On the same day, the medical services sector experienced a net outflow of 643 million from institutional investors, while retail investors saw a net inflow of 438 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - For WuXi AppTec (603259), the net inflow from institutional investors was 27.8 million, while retail investors had a net outflow of 29.7 million [3] - Haoyuan Pharmaceutical (688131) saw a net inflow of 17.6 million from institutional investors but a net outflow of 13.9 million from retail investors [3] - Bid Pharma (688073) had a minimal net inflow of 120,000 from institutional investors, with retail investors experiencing a net outflow of 768,640 [3]

9月22日，皓元医药涨5.04%，截至发稿，报77.51元/股，成交2.92亿元，换手率1.80%，总市值164.40亿 元。 截至发稿，邢程累计任职时间3年185天，现任基金资产总规模2.6亿元，任职期间最佳基金回报 81.15%， 任职期间最差基金回报-29.15%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，恒生前海基金旗下1只基金重仓皓元医药。恒生前海沪港深新兴产业精选混合（004332）二 季度持有股数2.46万股，占基金净值比例为2.1%，位居第十大重仓股。根据测算，今日浮盈赚取约9.15 万元。 恒生前海沪港深新兴产业精选混合（004332）成立日期2017年4月1日，最新规模5668.48万。今年以来 收益35.12%，同类排名2202/8244；近一年收益52.37%，同类排名2906/8066；成立以来收益39.94%。 恒生前海沪港深新兴产业精选混合（004332）基金经理为邢程。 资料显示， ...